Singapore Real Estate is Making Promises
It isn’t that Singapore real estate is making verbal promises, but whenever look at tinier businesses you cannot deny that the information mill very promising for buyers. When going through figures as of 2006, we discover that the private house price index showed a healthy .2% increase over its 3.9% increase from 2005. If genuinely want to get in the nitty gritty from the figures, then let’s take into consideration that property prices in Singapore are up 15.8% since the year 2004.
It’s not mysterious as to why the Singapore real estate market is on the increase since the economy is more or less taking it with it. The economy showed a 7.9% gross domestic product growth in 2006 versus the 2005 growth rate of 6.4%. However, it isn’t the perfect economic growth that’s fueling the Singapore Real Estate niche market. It is also new policies through the housing market which are put into place in 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are more likely to be able buy apartments due to certain rules no longer being put in force (foreign purchase lengthier has to meet the requirements of: the building must be over 6 stories high and must surely be a condominium).
The allowance of single people that aren’t related to jointly purchase properties via their Central Provident Fund (social security pension).
Cash down payments are down to 5% from the previous10% on home purchases.
Home ownership is currently a significant goal of the Singapore government. Due to this commitment and cooperation with the Housing and Development Board, Monetary Authority of Singapore, Urban Redevelopment Board, and the Central Provident Fund, home ownership has increased to 92% looking at the previous 27% as recorded in the early 70’s. This is a success story in itself since Singapore encountered a housing crisis not long after it acquired its independence, but now Singapore real estate is certainly making a statement.
Upon achieving economic stability, the interest on housing in Singapore has increased and also the housing prices have increased as well. Higher price of property makes for a stronger Singapore marketplace market and extended as these higher prices continue, so will the promises and high expectations of marketplace within Singapore. With no doubt the numbers speak for themselves and Jade scape condo they definitely cannot be unnoticed.
